Brandy R.

I have bid on a couple of things on this site but have totally rethought the whole Quibids idea. Here's why:

Let's say, for example, that you are bidding on a $200 gift card with a 1 cent bid, and let's say that you win the gift card bid for HALF the price with only 10 bids. You have paid $6.00 for the bids, plus the $100 for the card. Great bargain for you, but is Quibids losing money? Hardly.

At 1 penny per bid, the $100.00 card would be 10,000 bids, or 10,000 pennies.
Since each penny increase costs SOMEONE 60 cents, so the company makes. 61. Let's do the math: 10,000 (pennies) x 61 cents (60 cent bid + 1 cent increment increase = brace yourself: $6,100.00! Even if Quibids pays full price for the gift card, and I believe they are, they are STILL making a killing! I'm all for making a dollar, but collectively we are getting screwed while they are laughing their butts off all the way to the bank...

Wanna see something MORE outrageous? They currently have a 60" LG plasma TV for bid that they have listed as $1,887.00 value. Let's say that goes for 1/2 price, which would be $943.50, at 1 cent increments, equals ******* bids x 61 cents each = 57,553.50. (This DOES include the end purchase price of $943.50, but does that make us feel all warm and fuzzy?)

Still a deal for SOMEONE, but it's the principal of the thing. Their site states that they take a loss on many things, but it couldn't possibly be equal to what they are raking in.